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Opendoor's First Earnings Call Shows Impact of iBuying Slowdown

In December 2020, Opendoor (NASDAQ: OPEN) completed its IPO via SPAC, raising net proceeds of $970 million. Although Opendoor is new to the public market, it was one of the first iBuyers promising homeowners an instant cash offer for their properties and allowing them to bypass the traditional home sales process. Total revenue was $2.58 billion, as compared to $4.74 billion in 2019.